the USD/JPY made a bearish bounce at the resistance trend line (red) before breaking for a new lower low. As long as price stays below the resistance trend line (red), the USD/JPY could be aiming for the -27.2% and -61.8% Fibonacci targets as the next goal.
The USD/JPY seems to be building a wave Y (pink) correction within the wave 2 (purple) pattern unless price is able to break above the key resistance level at 112.50. A bullish break above this level would invalidate the current wave outlook and make a new uptrend likely.Fibonacci onacci levels of wave 4 vs 3 which are shown on the chart.
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Good trading, Chris Svorcik Elite CurrenSea